Bitcoin Uses 10 Times More Electricity Than Google
Bitcoin, whose market value exceeded $ 1 trillion has experienced a rapid decline in recent days. While the fluctuations in the crypto market are enough to keep Bitcoin on the agenda, the energy consumed by the online currency and the problems it brings with it is not talked about much.
How much energy does it consume?
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) compiled by Cambridge University researchers, the total energy consumed by bitcoin could reach 128 TWh (Terawatt hours) this year.
This means 0.6 percent of the total electricity production in the world or surplus of all Norwegian consumption.
“These figures may appear large compared to mid-sized countries or emerging technologies such as electric vehicles (80 TWh in 2019) but remain small compared to other uses such as air conditioning and fans,” said George Kamiya, International Energy Agency analyst.
Google‘s entire operation spent 12.2 TWh in 2019. All data centers in the world, except those that mine Bitcoin, consume about 200 TWh per year.
Economist Alex de Vries, who assembled one of the first indexes on the subject in 2016, believes that the recent increase in Bitcoin’s price will intensify its use and push energy consumption beyond the sum of all other data centers.
Bitcoin production is done by people on the network called “miners” who solve complex equations by special computers and processors.
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